ECON Gold Up over $30.00 Silver over $30.00 [OP from July 2024]

[Hfcomms]

Gold and silver are real money that retains the value over time. A hundred years ago that one ounce coin bought you what it will buy today. As long as paper ‘money’ is still acceptable to the masses it would be dumb to use your metal. I have not acquired metal thinking it will never be used. When the everything bubble pops, metals respond to their real value and there may be overpriced assets (today) that might crash and you can use some of your metal to pick up distressed assets at a fair price.

I think of my metal as a savings account and you don’t have a savings account figuring that it will never be used. Best case scenario is you don’t have to use your metal and you can pass that on to your kids. But your metal is an insurance policy in case the best case doesn’t come to pass.

 

[coalcracker]

Good evening, I’ve been a spectator to this website for a while and I have a question from a younger person asking those that know more. I have been buying silver for some time and made a nice nest egg that I’d like to pass on to my kids when I leave at a ripe old age. I am informed on what’s going on in the world yet if silver spikes I do not want to sell. My gut tells me to hold no matter how high spot goes. Am I naive for wanting to hold my horde? Could anyone share some much greatful knowledge/wisdom.

Thanks, Sterling like silver.

I think you and Hfcomms have the right perspective. I likewise have no plans to sell (unless an unforeseen need arises). My goal, like yours, is to pass it along to the kids and grandkids.

If someone views metals as an investment, then see West’s post above, plus others here will suggest other plays as well. Lots of ways to make a profit (if that’s the goal).

 

[West]

I'll loan you a ounce of silver today for the title and possession of your car, home, etc as collateral. But also you gotta give me back two ounces of silver if you want your collateral back.

AKA a banker, broker, or pawnshop owners do it all the time. Perfectly legit.

Now I don't like interest. In fact I dispise it. But business is business. And I wouldn't charge compound interest. But contract law is contract law. And a deal is a deal. Ì would only make simple loans. Pay up or lose your collateral by such and such date. Simple. And not life burdens to the borrower. They might just lose assets. Could be a cow, even.

 

[Tristan]

People just need to remember if/when the dollar "dies" it will cut demand for metals way back due to alot of FRNs falling out of the pool of investors/users. There will be a huge push to replace the dollar with something more accessible to the vast majority of people. I suspect that will be something digital. That doesn't leave metals in the driving seat, and depending on the successful substitution could very well tank metals. Does that mean you shouldn't persue putting metals in a basket for the future? Nope. But you need to do it realistically with as many potential outcomes planned for as possible.

Excellent advice.

 

[Murt]

from the regional middle east thread

The cost of wars:
US debt increases $500 billion in just 3 weeks

just pushing the price of PM's higher and higher

we are like a junkie that needs a "fix"----the consequences don't matter I just have to have it
withdrawal will suck large or maybe we will just be DOA

 

[billet]

Gold and silver both on an early morning tear. I wonder how much, if any of this, is in reaction to the BRICS meeting in Russia

 

[naegling62]

Look up the total worth of each Precious Metal market and then compare it to BitCoin. It’s hilarious at how small Bitcoin is and how the financial news media disparages PM’s. They alway concentrate on the unit cost and not market value.

 

[mecoastie]

Gold and silver both on an early morning tear. I wonder how much, if any of this, is in reaction to the BRICS meeting in Russia

Probably some but I think it is just the incredible uncertainty with the future right now.

 

[AuEagle]

Tuesday AM
Gold $2737.00
Silver $34.50

Homepage | GoldSeek

goldseek.com

 

[Southside]

Well, looks like maybe $2,800 Gold this weekend. Pullback to $2,500 or so, before the next run.
Or, it just keeps going up. I believe we will have an inflationary collapse, rather than deflationary.
Think Wiemar Germany.

 

[shane]

When paper money is suddenly exposed as a hot potato that’ll buy ever less tomorrow than it can today and everybody is then scrambling trying to convert and spend all they have on anything real right now, then inevitably you’re on a track to prices exploding higher by the hour and shortages appearing in everything essential, which further intensifies and reinforces that contagious panic even more.

It’ll be wild, off the charts, something few can imagine, nor escape being crushed by the stampede out of paper $.

Panic Early, Beat the Rush!
- Shane

 

[AuEagle]

Gold $2747.00
Silver $34.80

Homepage | GoldSeek

goldseek.com

 

[shane]

Good overview re gold & silver...

The Silver Squeeze Has Officially Begun | ZeroHedge

ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero

www.zerohedge.com

A snippet from it…

“For the past several weeks, I've been writing articles and creating video presentations about an imminent silver breakout that could quickly push prices to $50. During this time, I've observed significant investor cynicism, as many grew frustrated with silver's sideways movement over the last five months. In that content, I encouraged investors to remain confident, as I believed silver was on the brink of a historic bull market. Sure enough, on Friday, what began as a typical day saw silver surge nearly 7%, meeting the criteria I had outlined to confirm the next phase of its bull market. In this article, I will break down the details of silver's Friday breakout and explain why a powerful silver squeeze has now officially begun.”

Panic Early, Beat the Rush!
- Shane

 

[Hfcomms]

Know what you know, believe what you believe and then rest easy. The metals will do now what they have done for the last 6,000 years of human history.

 

[Quiet Man]

Know what you know, believe what you believe and then rest easy. The metals will do now what they have done for the last 6,000 years of human history.

"Be right and sit tight." -- Jim Sinclair

 

[Great Northwet]

Also to note that the G/S ratio has now fallen under 80 to 79.05 per kitco.com, which is just one more bullish indicator for Silver. Live Gold Prices | Gold News And Analysis | Mining News | KITCO

 

[AuEagle]

Midweek
Gold $2715.00
Silver $33.60

Homepage | GoldSeek

goldseek.com

 

[Doc1]

This morning's chart action (below) is an example of pure manipulation. There's nothing on the DXY or anything else I can see to justify it. It is common to see identical smashes in the Au and Ag markets, though readers should note that they are - or at least should be - very different markets. While both are historically monetary metals, silver is much more of an industrial metal. Realistically, silver should have no more (or not much more) relation to gold's chart action than say, pork bellies or grains. Again, pure manipulation. Hopefully, one of these days the perpetrators will swing from lamp posts.

The good news is that since there is nothing to justify this smash it cannot be expected to last very long. As long as we have our wildly irresponsible deficit spending and inflation, the metals will only continue to go up.

Best
Doc

2,719.86

-1.60
-0.06%







33.71

-0.02
-0.05%

 

[Southside]

Typical(albeit, manipulated) action in the commodity markets.
Commodities have always been manipulated. I just wish the "curbs" that are used in the trading of other commodities were used in the metal markets.

 

[von Koehler]

The "story" on the street is that investors are discouraged by persistently high interest rates.
The common belief being that high interest rates are negative for gold.

Martin Armstrong had called $2,755 as a temporary resistance point for gold on its way up to over $3,000.00 gold.

ETA: the actual inter day top touched $2758.65.
Expect this minor counter trend to go further down for awhile but then resume upwards to new highs.

 

[shane]

…The good news is that since there is nothing to justify this smash it cannot be expected to last very long…

Thus, for those who understand the game, these brief pullbacks are buying opportunities for any to add to their PM stack on the cheap.

Panic Early, Beat the Rush!
- Shane

 

[Doc1]

Thus, for those who understand the game, these brief pullbacks are buying opportunities for any to add to their PM stack on the cheap.

Panic Early, Beat the Rush!
- Shane

Not only are these pullbacks an opportunity to add to your stack, but it should be understood that these artificial pullbacks (or smashes) are created to give the bullion banks a chance to get out of their short positions less expensively.

Unfortunately, at the retail level, these smashes aren't always reflected in the prices customers can be expected to pay. That part of the market is not manipulation. Your local coin shop or bullion dealer has to buy their inventory just like any other business does.

You can't expect the coin shop to pay, for example, $2800 for a US Double Eagle gold coin and then turn around and sell it to you for $2750 just because the markets were manipulated one morning. The dealer will either keep that coin at his higher price or perhaps just put it back in his safe until the prices rise again.

The large coin dealers on eBay do tend to reduce their prices somewhat in the face of manipulation, though almost never as much as the COMEX prices would indicate. Speaking of eBay, NEVER buy any coins from China! There's a 99%+ chance that they will be fakes.

Best
Doc

 

[Southside]

Doesn't matter the cost. It will all be cheap #'s soon.
Protect your assets.

 

[Hfcomms]

Thus, for those who understand the game, these brief pullbacks are buying opportunities for any to add to their PM stack on the cheap.

Panic Early, Beat the Rush!
- Shane

Absolutely! That, and if people learn to value their metal in ounces and not dollars they will be better off. I just went to the post office this morning to pick up some brilliant uncirculated 1921 Morgan’s. Any time (imo) you can pick up an uncirculated coin over a hundred years old for what you would pay for a new American Eagle I’d do that any day of the week.

 

[Kathy in FL]

What it also tells me is that manipulation through any and all means is more than possible and could very well be in the future for a conversion from physical FRNs to digital currency.

Stack 'em if you can afford a precipitous drop. Just try and build in a just in case exit strategy or the willingness to bury it deep for the next generation to potentially utilize.

 

[shane]

Fortunately, some outfits sell price goes up & down as a percentage of spot, which is great, as long as there’s inventory available, like here at…
Business the Texas Way | Texas Precious Metals

Panic Early, Beat the Rush!
- Shane

 

[RE:fresh]

BRICS meeting happening right now.
BRICS have been buying gold to back their new currency
By listening to people who say buy gold and by buying gold, yea you make a little money
But those countries make more and their currency will then be able to overtake the fiat dollar
Same with bitcoin
And other ponzi scams
Think about things

 

[naegling62]

If BRICS is openly backed by gold what’s keeping TPTB from destabilizing Gold to undermine the BRICS currency?

 

[AuEagle]

Thursday AM
Gold $2737.00
Silver $34.15

Homepage | GoldSeek

goldseek.com

 

[Quiet Man]

If BRICS is openly backed by gold what’s keeping TPTB from destabilizing Gold to undermine the BRICS currency?

TPTB have truly massive amounts of gold. It is, as they see it, the real 'money'. National currencies are trash; simply tools to control and extract value from the populous ('their herds').

They want the price to rise, eventually. Part of the plan. Extreme demand and rapidly accelerating currency 'printing' will keep it from falling significantly from here-on as 'control' (suppression) retreats.

Their issue is managing the transition from the old systems while accomplishing their goals. A key pillar of their plans has been a dramatic diminishing (seeming near destruction) of The West, and transition of power to the East. BRICS is no accident or spontaneous escape to freedom.

If you hold a beach ball deeply under water is it stable? Depends on your perspective. They will eventually lose control -- or, more accurately, loose control -- When they are ready.

Get out of fiat. Precious metals, selected cryptos, and hard assets are where people will rush to. TPTB have, for the most part, already taken their positions there. It's going to be a mad, crazy, crazy rush when the people 'see' at scale.

 

[AuEagle]

TPTB have truly massive amounts of gold. It is, as they see it, the real 'money'. National currencies are trash; simply tools to control and extract value from the populous ('their herds').

They want the price to rise, eventually. Part of the plan. Extreme demand and rapidly accelerating currency 'printing' will keep it from falling significantly from here-on as 'control' (suppression) retreats.

Their issue is managing the transition from the old systems while accomplishing their goals. A key pillar of their plans has been a dramatic diminishing (seeming near destruction) of The West, and transition of power to the East. BRICS is no accident or spontaneous escape to freedom.

If you hold a beach ball deeply under water is it stable? Depends on your perspective. They will eventually lose control -- or, more accurately, loose control -- When they are ready.

Get out of fiat. Precious metals, selected cryptos, and hard assets are where people will rush to. TPTB have, for the most part, already taken their positions there. It's going to be a mad, crazy, crazy rush when the people 'see' at scale.

Like Shane says.
"Panic Early, Beat the Rush!"

 

[Quiet Man]

Like Shane says.
"Panic Early, Beat the rush"

Yes sir.

 

[Quiet Man]

Extreme demand and rapidly accelerating currency 'printing' will keep it from falling significantly from here-on as 'control' (suppression) retreats.

I should add that this is not completely true. There will be a time, when 'the system' collapses, when everyone is selling everything in a desperate quest for liquidity. This will not last for quality assets when their true value is recognized.

ETA: This period will be both curse and blessing.

 

[Quiet Man]

Get out of fiat. Precious metals, selected cryptos, and hard assets are where people will rush to.

Some of you will take issue with this point. I have the deepest respect for folks like Bill Holter who are very knowledgeable about finance, economics and precious metals even though they write badly about cryptos. He might, though, be among the first to admit that he does not know a great deal about them. Many of these people think traditionally and are not visionaries. It's understandable and does not diminish their overall message. Do not think in terms of 'all or none' when it comes to people.

Here some areas of investigation if you honestly want to know more. If not, you will obviously do well with PMs, (but good crypto will do better IMO):

• Among those of you knowledgeable about crypto will be those who know that there is an international standard for cryptos, ISO 20022. ISO, the International Standards Organization, was created by TPTB to standardize new systems as they are being conceived, built and deployed. As a young man (long ago), I attended quarterly CCITT (a branch of ISO) meetings around the world when they were establishing the standards for 'e-mail'. Think of the significance of ISO. My company was one of the first two ever that had commercially-available e-mail before that. After, we were purchased by ITT and the rest was history. This is just one of MANY similar stories. Look to ISO to see the future.
• Only a handful of cryptos comply with ISO (as far as we know). Find-out which ones they are. Investigate. One such is XRP. Do you know how many mega corporations are involved in the development and use of XRP? Do you know how many countries are similarly involved? Find out and be amazed.
• Why do you hear so little about XRP? All of these corporations and countries have signed a NDA to not talk about it. And, TPTB want relatively little, other than wild-ass speculation, in the media.
• XRP is not a panacea. It is a child of TPTB. It is not the only one. Consider implications both ways.
• Being blessed as ISO20022-compliant is not the sole path to success. Some cryptos will succeed wildly because they are not under the thumb of the controllers; because they are fully decentralized. One is BTC. Obviously. The day will come when having a single BTC will ensure that you and your children are taken care of for life.
• Do not get into crypto on a whim. It is a complex topic.

 

[Jeff Allen]

This thread came to mind yesterday when I was relaxing in my vehicle traveling several hundred miles.

I'm wondering what you all think, HOW is "this" different from the roaring inflation of the '70's?
For me these things stick out:
1. Obviously the national debt is orders of magnitude worse
2. The population is significantly weaker, both morally and physically.
3. Agreed from above on BTC, but only IF we don't have full widescale "TEOTWAWKI", it was painful when I bought mine, but I'm not sorry as I believe an actual widescale full collapse is very very low, and frankly, the only assets that will matter then are Pb and lots of food, water and team members....

J

 

[SageRock]

NOTE: I unlocked this thread because it’s a “special case.” A running thread on PM prices isn’t necessarily “hot news,” so I’ll reopen the thread. However, for other types of news stories, content is always required. And accurate links. - Dennis


Gold $2362.00 Silver $30.50 as of this post.

Homepage | GoldSeek

goldseek.com

As noted in the OP, this is a thread for discussion of PM prices.

If you want to discuss crypto, please start your own thread. Thank you!

 

[1eagle]

The BRICS are working out a currency plan that requires local currencies to be backed by a mix of 40% gold and 60% other assets. The higher the price of gold the better for them. That will also take PM's off the market as they'll need to be held in reserve.

 

[Southside]

The BRICS are working out a currency plan that requires local currencies to be backed by a mix of 40% gold and 60% other assets. The higher the price of gold the better for them. That will also take PM's off the market as they'll need to be held in reserve.

Giddy up!

 

[Jeff Allen]

But will they? Be held in reserve that is...
I'm still wondering whats actually in Fort Knox...something? Nothing? Many tons? IDK
The only thing I KNOW about governments is that they all crave power and will do anything to get more...

J

 

[Doc1]

The BRICS are working out a currency plan that requires local currencies to be backed by a mix of 40% gold and 60% other assets. The higher the price of gold the better for them. That will also take PM's off the market as they'll need to be held in reserve.

Random thoughts:

I don't think the BRICS requirement is for local currencies to be backed by 40% Gold and 60% other assets, but for the BRICS "UNIT" currency to be backed by that asset allocation. In any case, I don't think it will work.

Whether you define Gold as money or as a commodity, it's very easy to attach it to a convertible currency, as the United States did prior to 1933. If you had a $10 bill, you could walk into any bank and exchange it for a $10 gold piece or vice-versa. The UNIT can't really be a convertible currency, as it's currently described. Do you walk into a bank and come out with some gold and a certain amount of grain and crude oil?

Of course I understand that the UNIT is designed to facilitate trade between countries and not individuals, but I think the commodity component needlessly complicates things. Commodities are valuable in and of themselves, but different countries have different needs and the value of commodities are constantly changing. Saudi Arabia probably doesn't want crude oil, but they could probably use grain.

All of those trades could more easily be made with Gold alone: So many tons of corn are worth so many ounces of Gold. There is, as I see it, no need to complicate things with a commodity peg.

Regarding cryptos, I confess nearly complete ignorance, however my gut feeling aligns with Bill Holter's description of them as "digital air." More importantly though, I believe we are entering an era where we will want to eliminate any middle man between ourselves and our wealth. Do understand that I do (of course) have bank accounts and I actually maintain a (modest) stock brokerage account; I don't exactly live in a cave. On the other hand, those are a small portion of my net worth.

I can't access my assets in either the bank or my brokerage account without the assistance of those institutions. Should either fail, I'm left out in the cold, for a possibly protracted period. On the other hand, I can actually touch and immediately access the Gold, Silver and cash I keep in my own possession: No middle man! I understand that the vast majority of crypto holders are using exchanges to transact and hold their coins. The Mt. Gox and other exchange implosions leave me skeptical of them. I want the majority of my assets in hand and immediately accessible.

As we move further into an increasingly unstable future, I believe it's all the more important to eliminate any second or third parties between ourselves and our wealth. No middle man!

Best
Doc